We’re in unprecedented times. And if you’re like many who were preparing a home to sell during the ordinarily robust spring home-selling season, you’re quickly finding 2020 is going to be a dud.
If you need to sell your home, you may not have the time or resources to wait out this pandemic. Even if you could wait, you may be able to get more out of your home by selling before the market slows further.
In this article we’ll explore the Coronavirus’s impact on real estate and how you can still sell your home fast during any market conditions.
Housing Market Slows to a Crawl
This won’t come as a surprise. According to Realtor.com, in the last week of March, home sales declined 34%. And that’s after an above-average February.
If we took coronavirus out of the equation, a strong February usually brings in an outstanding spring home-selling season.
Why Waiting the Out COVID-19 Pandemic May Backfire
Given the current impact of coronavirus on real estate, you may be waiting to list your home. Or you’re willing to let it sit in a slow market.
If you’re in an okay place financially, that might not hurt you too much.
However, if you have mortgage payments breathing down your neck, or are one of the millions who have become unemployed during the pandemic, this is a nightmare.
On top of that, the longer a home sits, the fewer people are willing to pay for it.
People start to wonder what’s wrong with it. This is just one of several things that cause decreased home value.
In early March, it took fewer than 60 days to sell a home, the dream situation for many home sellers. But how quickly things can change!
Redfin reports that delistings went up 148% over March ’19. And new listings are down by 34% from March 2019 week four. This tells us that home sellers are waiting to list their homes.
In other words, they have the same idea you do–to wait it out.
So once we’re in the clear and home start moving again, you’ll be faced with oversaturation in the market.
That’s a definite Buyer’s market, and likely an even longer wait and lower selling price.
Some markets are getting hit harder than others. For example, Detroit and Philadelphia experienced numbers almost twice the national averages.
Somehow Denver and Phoenix have seen a minimal decline. But it may be a delay rather than immunity to current conditions.
How to Sell a House During a Pandemic
If you’re like most people, you can’t afford to continue paying mortgage and upkeep for 120 days to six months. You’re already feeling the economic pain from coronavirus lockdowns.
There is a much smarter and financially-savvy way to move your home right now. Here’s how it works.
Step One: Walk-through
Speak with a HomeGo representative to schedule a walk-through. Our agents are following the most up-to-date CDC protocol and many are even offering virtual walk-throughs.
Our representative will be able to give you more information so you can plan the visit that gives you to most peace of mind.
Step Two: Get an Offer
After the walk-through, we can make a same-day offer.
It doesn’t matter if your home is cluttered, in disrepair, or currently has renters. We can make you a reasonable offer.
And we purchase homes with cash, meaning there’s no waiting around for financing to be approved or a chance that it will fall through at the last minute.
Step Three: Plan Your Flexible Move Out Date
With our flexible and family-friendly leaseback option, you can take as much or as little time as you need to find and move into your new home situation.
Selling a Home During a Pandemic
Selling your home the traditional way amid coronavirus panic is no piece of cake. And even after the smoke clears, we may experience a prolonged economic recovery.
But you can sell your home now for cash through HomeGo. Our trusted team of real estate professionals is standing by to take your call.
